In our study, we managed to include companies involved in six different industries. Diversification is the most frequently used corporate strategy. Our study reveals that 43.3% of companies diversified through external means, 26.7% diversified through internal means, while 30% diversified through both internal and external methods. Retrenchment strategies are relatively unpopular because retrenchment seems to imply failure. The orientation of most top management towards growth strategies has resulted in a strong preference for acquisitions and joint ventures. 90.3% of companies are expanding their operations internationally. In our paper, we also examine the motives for developing a specific corporate strategy. Special attention is given to the core competencies and skills that have proved to be the cornerstones of the competitive advantages of companies.